I am hearing a lot of negativity heading into 2022 – there is a new variant on the horizon, free COVID money is gone, restaurant demand is down, etc.
I am not going to give you a “life is what you make it” spiel or make empty promises about how great 2022 will be for you. (Although, I think it could be.)
What I will say, however, is that the path to success is laden with carefully considered, data-based decisions and semi-fulfilled plans. So, look at your data and put some plans together.
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Bad News Sells. Don’t Fall For It.
The performance of the restaurant industry is nuanced. It’s not all sunshine and rainbows, but it’s definitely not all bad.
Restaurant demand is down – Sure, but tech-enabled delivery demand is way up in most areas. Get your technology and delivery apps done right and lock in market share.
There’s no more free COVID money – Not true; there are many geographically-based programs for high-impact areas.
There is a new variant – True, and no one knows its impact. But consider what changes you made because of COVID already. You may now have outdoor dining, expanding your seating capacity. That investment wouldn’t have happened otherwise.
What’s on the horizon can be a catastrophe or an opportunity, depending on your mindset and, most importantly, your plan.
Success Is Never an Accident.
So, Plan For It.
Whether you’re looking to sell your restaurant or open ten new locations in 2022, you’re not going to just fall into success like that. I have talked about it before, but you need to do a few things before the end of the year.
Define success: Are you trying to get acquired, hit specific financial metrics, or open up a certain number of locations? Figure out where you want to go.
Look at the data: What financial benchmarks are investors looking for in an acquisition? How much financing do you need to line up for those new locations? What trends do you see in your financial performance this year?
Chart your path: Based on that data, create a clear, measurable, step-by-step path towards your definition of success.
Again, I am not telling you the secret 3-step program to making millions. I am just telling you what I see the best restaurateurs doing. That, and I am challenging you to take a more proactive and optimistic mindset for 2022 – you have nothing to lose and everything to gain.
You survived 2021. Now thrive in 2022.
Empower Your Restaurant in 2022
If you’re looking to go above and beyond in this new year, get restaurant accounting that can take you there. Let’s talk and get you started today.